This initiative will further strengthen Danske Bank's leading position in the northern European cash management market by offering an integrated cash management solution across the major markets of continental Europe. Danske Bank’s corporate clients stand to benefit from a wider scope of cash management services embedded in Danske Bank's strong relationship management banking framework and fully integrated with its current cash management product suite. The structure is provided through Danske Bank as the client's single point of contact with integrated access to Deutsche Bank’s account services, domestic and international payment and collection capabilities, liquidity management and electronic banking solutions.

Jan Staal Rasmussen, Head of Group Cash Management at Danske Bank, said: “This cooperation further strengthens Danske Bank’s position as a provider of cash management services by improving access to many major European markets not covered by our own branch network. By leveraging Deutsche Bank’s capabilities and expertise for our own cash management offering, we can provide our clients with integrated cross-border services required by many corporations today.”

As part of Deutsche Bank’s global wholesale solutions offering, this transaction represents another collaboration of its kind in Europe where a financial institution chooses key components from a leading provider's comprehensive cash management suite as an effective alternative to building or enhancing proprietary products and services to serve its corporate clients. Furthermore, it reflects Deutsche Bank’s role in driving the ongoing consolidation process in the European cash management market.

Werner Steinmueller, Head of Global Transaction Banking at Deutsche Bank, said: “In a rapidly changing environment where time-to-market is key, this collaboration enables Danske Bank to leverage Deutsche Bank's strong corporate and institutional franchise in Europe and creates a multilaterally beneficial situation: Danske Bank's corporate clients gain access to a robust cash management platform across continental Europe. And we expect to boost transaction volume, allowing us to further improve the profitability of our cash management franchise – a pre-condition for maintaining a firm foothold in a business with a considerable cost base and ever-growing regulatory requirements.”

Danske Bank is a leading player in the northern European financial markets. In Danske Bank's principal markets of Denmark, Norway, Sweden, Finland, Estonia, Latvia, Lithuania, Northern Ireland and the Republic of Ireland, the bank serves a significant number of corporate, public and institutional customers as well as a large number of international corporate clients. Danske Bank also has branches in London, Hamburg and Warsaw.

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 1,128 billion in assets and 68,849 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

This Release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this Press Release that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include: the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues; potential defaults of borrowers or trading counterparties; the implementation of our Business Realignment Program; the reliability of our risk management policies, procedures and methods; and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 23 March 2006 in the section "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.